Im looking at purchasing a condo , What does it mean when the HOA is paid for the one year?

We too always owned our own home, then bought a condo. Worst move ever. You have people with nothing better to do then watch every move you make and turn you in to the hoa. I sat on my deck at 2:00am with a cup of coffee and got turned in. The HOA fees are ridiculous, please rethink this move. You are not used to people telling you how you have to live and in these condos they love telling you what to do......We moved back into a house and will never ever pay HOA fees or have people dictate us again. Good Luck.

What they all said...but you should ask what the monthly fee will be after the first year. You don't want to find out that they are going to be hundreds of dollars if you weren't planning on that. A $1200/mo payment this year may be ok, but add up to $500/mo to that and you may be priced right out of your new condo.

HOA = homeowner's association. they paid the fees for you up front apparently. rejoice! they're usually not cheap!

When you live in a condo, you usually have to pay monthly maintenance used to help cover the cost of lawn care, sometimes trash and water, and sometimes special assessments that go into a fund in case outdoor maintenance to the structure needs repair... roof, gutters etc. When they said the HOA is paid for a year, it is probably an incentive knowing you wont have to pay the usual $150-300. (minimum) dollars per month for the usual monthly dues.

that means you will have no association fee for one year.

home owners association fees

H(ome) O(wners) A(ssociation) And you will have dues weither you rent or buy....

Home Owners Association fees are usually not that high. They should not be more than $150 max. Any higher than that and you should check into why they are more expensive. A lot of times the higher fees are because of loans they had to take out to make necessary repairs. The fees should go back down once that is done, but a lot of times they don't so it is something to keep in mind and be aware of. Personally, I despise HOA's because I do not need some busybody butting their nose into how I live and telling me what I can and can not do to my own home. I keep my house very neet and orderly and do not want some jacka** telling me how I should be doing it instead. If you were buying a house I would say ruuuuuuuun. However, you pretty much have no choice with a condo so good luck. I would stay inthe house if I were you.

Some condo developers (sellers) pay the first full year of your month HOA dues as a sales incentive. After the year is up, you'll be responsible for monthly payments. Sometimes in the closing you will receive credit against what you owe at closing for the amount the Seller would pay for the year (and then you'd have to pay monthly with the money you were credited in the closing)...it all depends on how the sales contract is written or the local practices.